Yes. Billionaires are often being regarded as having extremely insightful ideas, in practice their fortunes was often built on a mix of luck, grits and compete

Yes. Billionaires are often being regarded as having extremely insightful ideas, in practice their fortunes was often built on a mix of luck, grits and competence in a few narrow fields, but their insights out of their domains tend to be average or worse. Being too rich means you end up surrounded by sycophants.